The history of global tax transparency schemes is long, and tax transparency has finally become a global reality. Since the turn of the century, numerous tax initiatives and tax amnesties have been released, and new regulations, especially in the area of crypto assets / cryptocurrencies, and digital economy are currently added. In addition, Regulators intensify their search for negligent practices and improve their tools to reconcile data.
Financial institutions of any kind, be it large international banks, private banks, online banks, online broker or crypto currency exchanges, all stakeholders globally have to comply with a variety of tax regulations. The institutions need to report data according to CRS, FATCA, DAC6, QI regimes on one hand. On the other hand, they need to provide their end-clients with tax reports for their individual tax filing in their respective home countries. One major challenge with tax reporting is the data consistency between the different reporting regimes and client tax reporting.
We will explore the benefits and understand advantages of having a connected approach of managing of multiple tax regimes, as well as offshore and onshore tax calculation, withholding, simulations and client tax reporting. We will also delve into the importance of centralising tax reporting to various tax authorities as well as end-clients around the world.
The webinar was conducted together with our partner Connect Global Group.